Feinstein Promotes Repeal of Ethanol SubsidiesMon, 25 Apr 2011 17:22:21 CDT
Writing for the National Cattlemen’s Beef Association, U.S. Senator Dianne Feinstein of California draws parallels between the ethanol and cattle industries. According to Feinstein, if the cattle industry received the same government support as the ethanol industry, ranchers would get generous subsidies to raise their stock, the American public would be mandated to consume certain amounts of beef and most foreign cattle would carry punitive import tariffs. Of course, she is quick to point out, this is not the case.
Feinstein says that ethanol is the only industry that benefits from such a triple crown of government intervention: its use is mandated by law, oil companies are paid by the federal government to use it and it is protected by tariffs. According to Feinstein it is time to end what she calls an outdated policy that is fiscally irresponsible, environmentally unwise and makes our country more dependent on foreign oil.
Feinstein wrote here commentary to promote her legislation to repeal the 45-cent-per-gallon corn ethanol subsidies and reduce the ethanol tariff. She says her bill would eliminate a subsidy that costs taxpayers nearly 6-billion dollars a year while continuing to support producers of non-corn, second-generation “advanced biofuels” that are more environmentally friendly and non-market distorting.
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